Best and safest way to store original property docs

[bdasites]

Hi -we are paying off our property loan in a month and will be getting back all original docs from the bank. We are wondering if it is safe to keep original docs at home since we stay in a rented house. How do you keep your original loan docs? in a bank locker? pls suggest. TIA

[tvsh]

Keep a copy of all the docs for your needs such as filing taxes, etc. and store the original documents in a bank locker.

[niarhab]

Bank locker is the best place.Keep a copy of complete set with u always.

[bdasites]

Thanks for the quick reply niarhab, tvash. If you have done it, how much does it cost annually and which bank would you recommend?

[pyaretaj]

SBI will be an ideal bank. All my property documents too are stored in SBI locker. They charge Rs. 500 per annum as fee. It was Rs. 350 or so earlier but since last 2 yrs they have increased it to 500 Rs. Plus, you need to maintain an SB or FD account in SBI. Annual locker fee will get deducted by debiting your account annually.

[tvsh]

Thanks for the quick reply niarhab, tvash. If you have done it, how much does it cost annually and which bank would you recommend?

Locker rent depends on the bank and the size of the locker. The rent for the smallest size locker runs into hundreds of rupees per year. I have a small locker at IDBI bank and they charge me 750 rupees per year. With the small size lockers, we need to fold/bend the documents. Bigger size lockers cost more. A medium size locker at Repco Bank costs 2000 rupees per year. The issue with lockers is not the rent, it is usually the availability. It is very very difficult to get bigger lockers as they are very few in number and are only available when a new branch opens and the bank manager will be very choosy in allotting those. Most banks follow the same rules and they are equally safe.

[nagarjunkatta]

Hi TVSH,

But to avail the locker, we need to deposit some Fixed amount right? What is the minimum amount to be invested in IDBI to get locker? Or do you know any other banks which does for smaller amount of FD and give us locker?

[GopalSumukha]

I had visited Karnataka Bank, J P Nagar 7th phase couple of months ago and they asked me to deposit 50K as Security Deposit and annual fees was coming around 2.5 K / P.A.
I Believe, since few months, all banks started charging around 2 - 2.5 K - PA for Medium size lockers!!

[tvsh]

Hi TVSH,

But to avail the locker, we need to deposit some Fixed amount right? What is the minimum amount to be invested in IDBI to get locker? Or do you know any other banks which does for smaller amount of FD and give us locker?

There is no hard and fast rule about the minimum amount of Rs to be invested. They ensure that you keep a certain amount to cover the rent and Key replacement charges ( which is very high, as it is very difficult to change the locks of the locker) if you were to default. Since the lockers are in demand, the managers use it as a carrot to attract deposits if they are short of meeting their target.

[niarhab]

Guys

Helpful article on lockers, please read.
http://www.firstpost.com/business/are-y ... ef_article